Thu, Mar 23, 2023 @ 23:11 GMT

AUD/USD Daily Report

Daily Pivots: (S1) 0.6565; (P) 0.6601; (R1) 0.6625; More…

Intraday bias in AUD/USD remains neutral at this point. On the upside, break of 0.6694 support turned resistance will indicate short term bottoming, and turn bias back to the upside for rebound to 55 day EMA (now at 0.6809). However, sustained break of 161.8% projection of of 0.6854 to 0.7028 from 0.6854 at 0.6539 will carry larger bearish implication and target 0.6169 low again.

In the bigger picture, rise from 0.6169 (2022 low) has completed at 0.7156, after rejection by 55 month EMA (now at 0.7164). Deeper decline would then be see back to 61.8% retracement of 0.6169 to 0.7156 at 0.6546, even as a corrective fall. Sustained break there will raise the chance of long term down trend resumption through 0.6169 low.

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